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OKX’s services in Belgium are offered through an EU-regulated entity as the exchange doesn’t have dedicated regulatory approval in the country.
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OKX, a cryptocurrency exchange, has expanded its European operations by launching a trading platform and self-custodial wallet in Belgium.
OKX Exchange and OKX Wallet are now officially open for customers in Belgium, OKX announced to Cointelegraph on Nov. 26.
With newly launched services by OKX, Belgian customers can now access spot trading and convert more than 200 cryptocurrencies, including 60 trading pairs featuring crypto trading against the euro.
OKX’s Belgian services are offered from an EU-regulated entity
The launch does not involve direct regulatory approval from Belgian authorities, Erald Ghoos, OKX’s general manager of Europe, told Cointelegraph.
“We have no regulatory approval, only a non-rejection for our activity in Belgium,” Ghoos said, adding:
“We offer our services from a regulated entity within the EU, without any permanent establishment in Belgium.”
OKX’s Belgium services are offered through Okcoin Europe, a Malta-registered company licensed by the Malta Financial Services Authority as a Virtual Financial Assets Service Provider.
Belgian payment system Bancontact enables euro deposits and withdrawals
To facilitate euro deposits and withdrawals, OKX has partnered with Bancontact, a popular payment system in Belgium.
With the Bancontact integration, the company said OKX customers in Belgium can instantly deposit euros into their accounts free of charge. Additionally, OKX features deposits and withdrawals through Europe’s cashless payment system, the Single Euro Payments Area.
Belgian residents can trade on the platform after completing verification through the Itsme identification app.
A quarter of Belgium’s 11.8 million population is estimated to have crypto exposure
“Belgian investors are generally conservative, prioritizing trust and security in their financial decisions,” OKX’s Ghoos said, adding that they favor stable investment options and are cautious about risks.
Citing data from Statista, Ghoos noted that Belgium’s crypto user penetration is estimated at 25% in 2024 and is expected to hit 28% by 2028.
Erald Ghoos was appointed as Europe General Manager at OKX in 2024. Source: Finance Magnates
Ghoos also mentioned that Belgium’s Financial Services and Markets Authority mandated in March 2024 that all cryptocurrency advertisements must include clear warnings detailing associated risks.
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“This initiative aims to enhance consumer awareness and protect potential investors from misleading promotions,” he said.
OKX’s launch in Belgium is part of its strategic plan to expand its European presence.
In June 2024, OKX launched its exchange in the Netherlands, and in July 2024, announced its intention to establish its EU regulatory hub in Malta, where OKX obtained its Class 4 Virtual Financial Assets (VFA) Service Provider license in 2021.
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This article first appeared at Cointelegraph.com News
